Sen. Cassidy Cites Congress’ “New Momentum” on Social Security Insolvency - Sen. Bill Cassidy; CRFB
In an impassioned U.S. Senate floor speech yesterday, Sen. Bill Cassidy, M.D. (R-LA), discussed Social Security’s future, citing a range of options to address the problem and that could ward off severe hardship for vulnerable Americans in just six years. After noting the length of time he and others have been working toward a solution, he expressed optimism with this comment, “I’m pleased to say, though, that there’s now momentum on both sides, Republicans and Democrats, to find a solution to preserve benefits for those who have spent their lifetime earning them.” Click here to read the full text of the Senator’s remarks.
Central to Sen. Cassidy’s remarks in the floor speech was support for the PROMISE Act (Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act) legislation that would establish a bipartisan legislative process — a Commission — to develop and consider measures to ensure the long-term solvency of Social Security’s trust funds. This has been an on-again, off-again subject in the news over recent years, but now, within six years of a catastrophe, it appears to be gaining momentum. In addition to Sen. Cassidy’s support, other organizations have provided input on the concept’s viability.
Committee for a Responsible Budget Weighs In
For example, the Committee for a Responsible Budget (CRFB) recently moved front and center with an assessment of ways that a “new fiscal commission can help policymakers work on a bipartisan basis to identify the necessary tax and spending changes to help improve the nation’s fiscal outlook.” (Read the CRFB full post here.)
The CRFB post focuses on three major trust funds—highways, Medicare hospital insurance, and Social Security retirement—that are facing near-term crises and provides examples of successful commission efforts over the years. The post also provides “ingredients for success” that could help unite stakeholders in negotiating toward solutions to the formidable problems facing these trust funds. In fact, one of the “ingredients” CRFB cites is stakeholder input, which helps bring “diverse viewpoints from those who understand the policies under consideration” into the search for palatable solutions.